It feels as if everything has a price these days, doesn't it? And in an increasingly competitive market, the first question a business will ask is, What will it cost me? And what will I get for my money?
In the same way investors look for a Return On Investment when they purchase property or land, so too do employers, when they invest in their staff.
For example, if a business owner is thinking of investing in training for his employees, he has to weigh up what he'll get in return. Increased production? Motivated staff? More skilled workers? That's understandable really.
Legal And Moral Obligation
But what doesn't seem right is when business owners weigh up the ROI on providing workplace safety! That point should be top of the agenda - especially as they have a legal obligation.
I would have thought the ROI on an ISO safety management system was, first and foremost, peace of mind! The knowledge that everyone within the workplace is protected, and the risk of facing prosecution is minimised.
However, for those who require it, it is also possible to calculate the financial gain of having a system in place. The economic cost of work-related injury to the Australian economy for the Year 2012-13, was $61.8 billion (Safe Work Australia).
Cost Of Accidents
During the period 2009-10 to 2011-12, the average cost of a serious claim in - as an example - the construction industry, was $10,200. But on top of that, there's the average 6 weeks or so that the employee will be off work recovering. So there's an additional cost in either downtime, or temporary staff, or both.
Then there's the cost of any prosecution or fine, which can run into millions of dollars.
Implement Safety Management System
Alternatively, an employer can make a call to an Integrated Safety Management system services consultant, such as Standard Consulting in Brisbane.
The consultant can put in place a recognised, accredited Safety Management System, for a fraction of the cost of a workplace accident.
Sounds like a no-brainer to me!
In the same way investors look for a Return On Investment when they purchase property or land, so too do employers, when they invest in their staff.
For example, if a business owner is thinking of investing in training for his employees, he has to weigh up what he'll get in return. Increased production? Motivated staff? More skilled workers? That's understandable really.
Legal And Moral Obligation
But what doesn't seem right is when business owners weigh up the ROI on providing workplace safety! That point should be top of the agenda - especially as they have a legal obligation.
I would have thought the ROI on an ISO safety management system was, first and foremost, peace of mind! The knowledge that everyone within the workplace is protected, and the risk of facing prosecution is minimised.
However, for those who require it, it is also possible to calculate the financial gain of having a system in place. The economic cost of work-related injury to the Australian economy for the Year 2012-13, was $61.8 billion (Safe Work Australia).
Cost Of Accidents
During the period 2009-10 to 2011-12, the average cost of a serious claim in - as an example - the construction industry, was $10,200. But on top of that, there's the average 6 weeks or so that the employee will be off work recovering. So there's an additional cost in either downtime, or temporary staff, or both.
Then there's the cost of any prosecution or fine, which can run into millions of dollars.
Implement Safety Management System
Alternatively, an employer can make a call to an Integrated Safety Management system services consultant, such as Standard Consulting in Brisbane.
The consultant can put in place a recognised, accredited Safety Management System, for a fraction of the cost of a workplace accident.
Sounds like a no-brainer to me!
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